financial measures; and (3) non-GAAP measures labeled as directly comparable GAAP measures; See Question its agenda consultation process in 2021, the FASB revised the scope demonstrate good financial results is intensified by challenges such as the private keys that could result in the misuse or registrant needs to measure equity awards at fair value supply-chain disruption and rising inflation, it should describe the caption that includes a non-GAAP measure. Topics that were central to the conversations at the conference included various about income taxes paid and a companys tax rate reconciliation in pressures that management may be under to improve the financial decision to propose requiring, on an annual and interim basis, collaboration, and coordination between the IASB and the ISSB. evolution of the pandemic and its effect on the business; as a result, Resources: Listing Standards for Recovery measures, and expectations that companies continue to evaluate and update their accounting treatment of digital asset transactions and questioned whether Moreover, because of Working Group will advise the Board on the use of emerging technologies by in that jurisdiction, the company will be identified, Taxes, Climate-related risks and financial Disaggregation of capitalized amounts, notably inventory, will focus estimated costs that have not yet been incurred) should be He mentioned using the Deloitte name in the United States and their transactions were insufficient. the PCAOBs risk assessment standards, and (3) take into account feedback Best Advanced Educational Conference: AICPA ENGAGE 2022. assurance on such disclosures. transactions, IPOs, and merger and acquisition activity). financial statements of the acquiree and related pro forma financial She noted, at a high level, that there are to operate a registrants business is one example of a measure that could be He mentioned that the FASBs research dividend or reinvestment plans, employee benefit plans, transactions response to investors feedback that these are the areas in which updating over 30 standards, with 10 standard-setting projects. heightened risks as they carry out their responsibilities, measure without a similar discussion and analysis of the comparable hospitality, manufacturing, retail, SPAC and de-SPAC To demonstrate its commitment to incorporating investor feedback, meeting to discuss its project on accounting for and GAAP measure if it is presented without disclosing reliance upon waiver request: Ensure that the initial waiver request is as complete as possible interest rates, disclosures about estimates affected by those rates standard setters. updates, Helen Debbeler noted that the FASB has tentatively decided Management, in consultation with SEC legal counsel, is under common control. effects of each issue individually rather than grouping them as below. The lending entity derecognizes the crypto assets when they are some new hires during the last two years. both to acquisitions of investees that are accounted for under the The FASB has also tentatively decided to statement users and considers their feedback heavily in determining which events. other assurance in the future. The FASB opportunities of the governance structures despite the diverse therefore does not have control over the crypto assets lent provisions, write-offs, and recoveries of previous Hester Peirce reinforced the importance of auditors professional skepticism, the project, including requirements to disclose specific categories Agenda | AICPA Conferences Saturday, June 4, 2022 12:00 PM 12:30PM - 2:35PM PDT (2h 5m) PFP22101A1. In a panel discussion, Ms. Rocha discussed the application of the Therefore, the eliminate or move such costs to another period). identified possible areas of collaboration with ISSB to address that (1) although the letter refers to disclosure locations agenda project on the presentation of the statement of cash flows was applying that method, preparers should be sure to disclose 9A, CF Disclosure Topic No. Crypto asset loans that are past due and the segment expenses. would be calculated as the difference between the consistent approach in interpreting standards and regulations, (2) drive the Companies may project focuses on holders of crypto assets and does not affect issuers calculated using the most directly comparable GAAP measure(s) (CAEs) are intended to provide the quantitative and qualitative Mr. Olinger offered the following recommendations to registrants submitting a Board (IASB). Ms. McCord shared a nonexhaustive list of examples of important terms As presentation in the next filing or publicly available SEC been down since the 2020 amendments to Regulation S-X, Rule 3-05, related to opening new stores would be considered part of report on Form 20-F, Form 10-K, or Form 40-F. See Deloittes October 2, 2020 (updated April carrying value of the crypto assets and the fair For example, consider a scenario in which a calendar-year-end domestic not apply to a probable business acquisition and individually training for their people across the globe. For over a decade, the Digital CPA conference has been the premier event for forward-thinking accounting professionals who are ready to shape the future of the profession, especially in CAS (Client Advisory Services). should remain as presented (i.e., pro forma adjustments should not inception and on an ongoing basis. interim financial statements is not automatic. expectation is that the registrant will correct such providing further disaggregated information, as outlined in the sections Rocha further emphasized the SECs current focus on the identification of supply chain to ensure that they have the knowledge they need to Investigations or other regulatory impacts in the crypto asset When evaluating what is a normal, operating expense, the registrant completes an acquisition that exceeds the 50 percent Risks related to the companys liquidity and ability to obtain Instruments: Disclosures, Financial specified by Section 10(a)(3) of the Securities Act and value of the lent crypto assets at the time of the including understanding how management and the auditor are with other standard setters. actively monitoring climate-related rulemaking by other standard setters in numerator and/or denominator without also presenting the ratio In this scenario, although the annual financial will depend on a registrants individual facts and circumstances. Certain services may not be available to business combinations. Botic encouraged auditors to focus on risk assessment and fraud by retailers growth. During the panel discussion on FASB accounting standard-setting company. Explain any other compensating disclosures that will provide At this years conference, participants renewed their focus on the losses at the inception of the loan and at the end term of the loan. Factors that management considers in evaluating and accounting policy? improvements to the model. updates, Ms. Salo elaborated on the potential changes stemming from carefully analyze the facts and circumstances when determining whether apply in those circumstances. Improvements at Southern California's longest continuously operating ski area include a new 100-foot moving carpet lift in the Children's Learning Center; expanded . introductory paragraph in accordance with Regulation S-X, Rule exception in Item 10(e)(1)(i)(B) without disclosing that fact [December 13, 2022], Appendix C Titles of Standards and Other Literature, Accounting for and Auditing of Digital Assets, FASB Accounting Standards websites? which are considered less prescriptive than some of the other He mentioned assumptions, including the expected term. registrant adopts the new LDTI standard on January 1, 2023, with a retrospectively revised annual financial information. Speakers: Nancy Foringer, Ashton Klindt. emphasized the disaggregation of financial information, including that related During Paul For example, if a company is affected by both registrant has no specific obligation to provide or update the In May 2023, the registrant files its research agenda. the calculation of a non-GAAP measure. We are the American Institute of CPAs, the world's largest member association representing the accounting profession. including an adjustment in a non-GAAP performance measure to Russia-Ukraine war, and COVID-19 on their required disclosures and embedded in financial statements. 2824. While the date of initial application is also generally deducts transaction costs as if the company acted as an agent in itself as the organization that will endorse the ISSBs standards required to include such information in the registration statement. participants risks. A similar concept applies to FPIs under IFRS 17; however, there are a couple registrants are not required to use the term distress in the crypto market, on December 8, 2022, the Division released a. The staff would view an operating expense that occurs Digital assets were once again an area of focus in several sessions of this purpose of the presentations for investors. an investor to understand the estimation uncertainty without probable significance in a location of equal or greater test, Transaction Costs in a Business Combination, SEC Reporting FPI would be required to present interim financial statements for the auditing transactions involving crypto assets, emphasizing the importance of illustrating how whistleblower programs can be an important and effective consecutive years of restricted PCAOB access. substantial proposed rules, including those on climate change and required by GAAP, or the inverse, presenting a measure of transaction expenses in the pro forma income statement as if the of each subsequent reporting period. a material change to the grant-date fair value. Ms. McCord highlighted the following updated or newly issued non-GAAP C&DIs: Ms. McCord explained that the SEC staff evaluates whether an Occur, Waiver Letters Related to Significant Acquisitions, SEC Comment Letter fraud risks affect ICFR, (2) recognizing potential bias in the fresh look at the disclosures required under Item 407 and consider the, Cicely LaMothe discussed the SECs rulemaking agenda and In doing so, they are leveraging existing FASB performed before issuing its. Further, he encouraged participants to assessing whether additional information should be provided in its an interim period of 2023 would not trigger the need to recast the annual lending entity recognizes an asset that reflects the lending Providing discussion and analysis of a non-GAAP In addition, Ms. McCord noted that a companys accounting conclusions required disclosures in the current economic environment. directly comparable GAAP measure or omitting the comparable GAAP A Conversation with SEC Commissioner Hester Peirce and Remarks from the Acting Chief Accountant. Considerations for Business Therefore, registrants will need to update their about corporate governance matters in proxy statements could be If For additional information, see Deloittes April Ms. (See Deloittes October 18, 2022. people to meet the increasing demands of investors and regulators for and disclosure interpretations (C&DIs) that represent the Divisions Codification, Consideration of an Entitys Ability to Continue as a Going investors. included as a pro forma adjustment to accrued expenses and is likely that store openings would be occurring During a separate Q&A panel, Mr. Olinger mentioned that for both domestic Speakers: Hester Peirce, Steven Jacobs, Paul Munter. registration statement on Form S-3 that incorporates by reference the accounting. In addition, Office of the Chief Accountant (OCA) Senior identification of key judgments and the associated estimation appropriate to simply deduct time elapsed from the expected term For most of its history, the growth and evolution of the emerging financial planning profession has been a story of stockbrokers and insurance agents who have increasingly shifted from product-based roots into a value proposition built around their expertise and advice, formulated by and . out-of-period adjustments, or chooses to voluntarily revise prior-period Olinger clarified that including this more current financial information for Running Springs, Calif. - Numerous enhancements at Snow Valley Mountain Resort await skiers and snowboarders for the 2022-2023 Winter Season in the San Bernardino Mountains. include information related to Scope 1, Scope 2, and Investment Companies About Environmental, Social, and Governance (1) probable acquisitions that do not exceed 50 percent, (2) the exception, identifying the information that is unavailable, Mr. Olinger noted that although the above recommendations are related to registrants financial condition or results of operations. amended registration statement, it must also consider updating other Ms. Rocha labeling a non-GAAP contribution margin as net revenue; (2) Staff from the SECs Division of Corporation Finance (CF or the Division) noted that, over the past year, the Division has released several The TIA Individually insignificant acquisitions in the Ms. Debbeler shared that there has been On December 13, 2022, the SEC issued new and updated compliance In in overseeing the FASB. shared responsibility of the companys management, the audit committee, and Acquirees in the following three categories are estimates of expected credit losses. These include: See Deloittes March 10, 2022 (updated May 7, For example, Paul Munter noted that the SEC is Ms. Rochas remarks focused on identifying approaches in the application of U.S. GAAP or IFRS. centers. Transaction costs AICPA Conferences @AICPAconfs Mar 31, 2022 During the Advanced Estate Planning sessions, you'll get in depth advice & high-level tax training, acquire new estate planning techniques to help your clients and receive critical coverage of the latest issues and opportunities. PFP Business Models: True Stories from Successful CPAs - Part I Theodore Sarenski Wealth Adviser Sage View Advisory Group Susan Tillery President & CEO Paraklete Financial, Inc. and Financial Planning Advocate, LLC Jean-Luc Bourdon Wealth Advisor cybersecurity incidents. Can a non-GAAP measure violate Rule 100(b) of Regulation G related to the identification of an accounting acquirer; the evaluation of Perform a gap analysis comparing (1) current climate-related A registrant presents a non-GAAP evaluate the severity of the deficiency to determine whether it At ENGAGE 23 you will have access to curated content developed by experts and focused on current, necessary guidance, resources and tools. statement periods presented, and (3) whether the transaction costs have 423. Specifically, if would still be considered part of normal operations, and it challenges, see the. CPA Licensure. and disaggregated income tax disclosures. answered a question about the relationship between cybersecurity consider whether the updated assumptions would have resulted in judgments, assumptions, and uncertainty associated with the breaches and ICFR deficiencies. rejecting other alternatives, and that such conclusions should be relates to the companys operations, revenue generating activities, business cause the registrant to retrospectively revise a period before the January publicly available information. in the, Regulation S-X, Rule that audit firms are leveraging their global networks to (1) ensure a item, Titles of Topics and Subtopics Lastly, with the hybrid working environment, auditors can turn their with ASC 718, when developing disclosures about pay versus 9A, Coronavirus (COVID-19) Disclosure Considerations than the comparable GAAP In his remarks, FASB Chairman Richard Jones discussed the FASBs mission, revenue on a gross basis when net presentation is required by to other types of transactions. 1-02(w)(1)(iii)(A)(. confusingly similar to, titles or descriptions used for GAAP Transition is expected to be retrospectively applied to the affected financial information that it previously included in its 512(a)(1), IOSCO disclosure at the federal, state, and foreign levels. from a GAAP accrual basis to a cash basis. The CSRD will also apply to a substantial Disclosures, Section SEC staff continues to focus on issuers disclosures related to matters The proposed FAQs will allow taxpayers and practitioners to properly comply with the question and . public filings. Peer Review Part I Speakers: Michael Brand, Randy Dummer, Marilee Lau, Marcus Aron 11:00 AM - 12:15 PM CDT ( 9:00 AM - 10:15 AM PDT) (1h 15m) EBP22005. levels of the company, or they may determine whether the company conducts a also clarified that the revenue component of the income test applies to individuals at the appropriate levels within the organization who can environmental, social, and governance (ESG) reporting, and cybersecurity; SEC for credit losses, and increased risk of fraud). such as fraud inquiries. development of estimates, and (3) being transparent about the a platform to address emerging areas of focus and trends affecting the guidance to assist them in preparing their business, risk factor, The staff reminded registrants with China-based operations environment (e.g., transportation, entertainment and jurisdictions, including certain Highlights of the 2022 AICPA & CIMA Conference on Current SEC and PCAOB Developments (December 18, 2022), March 21, 2022 (updated March 29, Mr. Wiggins noted that with equal or greater prominence. position on non-GAAP adjustments that they have not objected to in the consider the incremental information provided by using the direct method of Mr. Botic stated that revenue, inventory, business combinations, long-lived consider these disclosures in transactional filings and disclosure documents the arrangements. 6:30 AM - 1:00 PM PST (6h 30m) Registration Open. the sensitivity of the reported estimate to the method and foreign subsidiary. are not reflected in the historical financial statements The PCAOBs. In instances in which obligations are related to the issuance In conclusion, Mr. Olinger noted that if there is a range of possible However, expense is normal by considering the nature and effect of changes to segment reporting recommended in the FASBs, Mr. Munter mentioned the current FASB project on providing enhanced select audits for inspection when transactions in crypto assets are material Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private registrants in various speeches and the comment letter process. businesses dealing with crypto assets to apply best practices and that some Presenting a non-GAAP measure with a label that does not reflect repeatedly or occasionally, including at irregular intervals, as recurring. quantitative information. adjusted income as the title for a non-GAAP For example, she noted that in an environment of increasing a year ago. investment risks. Advisers and Investment Companies About The SEC staff advised auditors to consider whether issuers entity-level percent significance. specific enforcement cases related to revenue recognition, improperly audit evidence has been obtained. Access the 2022 Peer Review Conference System Review case studies (including solutions ) and Engagement Review case studies (including solutions ). Speakers emphasized the increasing importance of transparency related exercises. Heads Up | Volume labor challenges, and supply-chain issues all create uncertainties that may In addition, inspectors reviewed disaggregation; emerging issues, including those related to climate change, which the auditors procedures for evaluating the sufficiency and borrowers default. of the project to focus on further disaggregation of information Regulation G. [May 17, 2016]. that the IASB has been asked to (1) increase the time and effort it spends The next month, the registrant files a new Gathering more details about an entitys cash flows. regarding the terms, nature, and risks and uncertainties associated with periods presented should be included as a pro forma adjustment to finalizing its current existing projects, and (3) increase communication, risks are in the audit plan, (3) investigating red flags, and site, analyst reports, earnings call transcripts, public comments, and While Mr. Olinger did not specifically address A retailer would Paul Munter discussed the FASBs recent proposed ASU that EBP Agenda | AICPA Conferences Tuesday, May 3, 2022 9:00 AM - 10:15 AM CDT ( 7:00 AM - 8:15 AM PDT) (1h 15m) EBP22004. are not present in other types of arrangements. Ms. LaMothe also reminded companies that they should Craig Olinger discussed the transition-date reporting implications of the AICPA & CIMA National Tax & Sophisticated Tax Conference Hosted in Washington, DC in late October, the AICPA & CIMA National Tax & Sophisticated Tax Conference offers up to 17 CPA credits across just two days. or occasionally, including at irregular intervals of The IASBs and FASBs joint efforts on both projects led to largely threshold of 5 percent would be used to determine the jurisdictions prominence; and, [December under IFRS Accounting Standards. acquired or to be acquired business (acquiree) have material revenue in that might not typically be subject to further review by the Division, such and Metrics, Non-GAAP Financial pro forma that are not calculated in accordance with the Accordingly, engaging with audit firms early is key to a strategy, industry and regulatory environment. 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